GLP sold to Chinese bidder for $16b

GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management, according to Bloomberg.

The offer price represents an 81% premium over 12-month VWAP and exceeds the highest ever closing price since listing.

SHARES of Global Logistic Properties jumped 22.2 per cent, or 60 Singapore cents, to S$3.30 at 3.02 pm on Friday as trading resumed with a S$3.38 per share offer on the table.

"After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed scheme, which we believe is compelling and value-enhancing for all shareholders", Seek Ngee Huat, chairman of GLP's board, said in a joint statement with the winning consortium.

Buhari calls, writes Akande over wife's deathHabib Aruna, described late Omowunmi as an epitome of humility, uprightness and one who was a pillar of support for her husband. Omisore, who was the former deputy to Akande said the death of the ex-first lady of Osun State came to him as a rude shock.

E-commerce companies such as Alibaba Group Holding Ltd. and JD.com Inc. are driving a boom in demand for warehouse space in Asia. GLP's portfolio of customers includes Amazon, Walmart, Unilever and Carrefour. GLP manages almost $40 billion in logistics assets across the U.S., China, Japan and Brazil. It is the second largest in the USA after Prologis. It manages almost US$40 billion in logistics assets-a bit more than half the amount that No. 1 warehouse owner Prologis Inc. of the USA does.

Singapore sovereign wealth fund GIC, which owns a 36.84 per cent stake in GLP, has given an undertaking to support the bid, which will be carried out through a scheme of arrangement. The Singaporean fund instructed the group to be more responsive to bidders' questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential. GLP had embarked on the strategic review last December following a request by its largest shareholder GIC, which owns over a third of the total stake in the company.

In a statement on Friday, GIC said it has provided an undertaking to Nesta Investment to "vote in favour of the scheme" in respect to its shareholding interest.

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